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Financing
| Find a Home | Make
Your Wish List | Steps to a
Successful Purchase | Create
the Offer to Purchase | Negotiate
with the Seller Removing Contingencies Contingency:
An event which must occur before a contract The following are the most common contingencies: The Purchase Agreement specifies a time period for removing contingencies. Removing the Inspection Contingency is usually done between ten days and three weeks of signing the Purchase Agreement. When the Buyer removes the Inspection Contingency, it is usual to increase the deposit and sign a Liquidated Damages Addendum, which provides that the deposit will go to the Seller in the event the Buyer defaults. It is at this point that the contract becomes binding on the Buyer. The Loan Contingency may be removed on a particular date prior to close of escrow, or may remain in effect until the loan is funded. The Contingency for the Sale of the Buyer's Home may also be removed before that home sells or may remain in effect until escrow closes on that home. Next Step... Protecting Your Interests
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